Overview IAS 38 Intangible Assets outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised). IAS 38 was revised in March 2004 and applies to intangible assets acquired in business combinations occurring on or after 31 March 2004, or otherwise to other intangible assets for annual periods beginning on or after 31 March 2004. History of IAS 38 Date Development Comments February 1977 Exposure Draft E9 Accounting for Research and Development Activities July 1978
This blog is created to help finance people, accountants, non-accountants, and accountancy students understand more and in an easier way, all the accounting and auditing standards, business and other commercial laws, and application to real life.